The Association of Indonesian Vegetable Oil Industries (GIMNI) asks for certainty on revisions to palm oil export levies
The palm oil industry players are waiting for the government's decision regarding the export levy (PE)
which is planned to be revised and hopes that the policy will be taken quickly so that speculation and profit-taking will not occur which will have an impact on the industry and farmers. "Gimni welcomes any final decision from the government because it has considered all inputs from our palm oil industry players, both from the upstream side of plantations and the downstream industry," said Chairman of the Indonesian Vegetable Oil Industry Association (Gimni) Bernard Riedo. Bernard said that the plan to change export levy tariffs should be realized immediately in order to provide certainty to market players, in order to avoid speculative actions and take profit positions in buying and selling transactions that could have a negative impact on prices. Since the announcement of the planned change in levy rates, prices tend to show a downward trend because demand for CPO, especially exports, has decreased, he added, one of the factors is because market players are waiting for the revised PE tariff, which is planned to be lower. "Uncertainty has led to wait and see steps in the market. This situation is very unfortunate because it can have a negative impact on prices," he said. For information, the price of FFB in North Sumatra fell by Rp. 96/kilogram to Rp. 2,399/kilogram. On the Bursa Malaysia Derivative Exchange, the price of CPO for August 2021 delivery fell five percent to RM4,029/ton.
|•SOURCE•| Image :GIMNI |
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